NEW DELHI: Indiabulls Real Estate Ltd (IBREL) has cut its net debt by over Rs 300 crore during the second quarter of this fiscal and is targeting to further reduce it by Rs 1,850 crore by March 2017.

According to an investors presentation, net debt of the Mumbai-based developer stood at Rs 5,153 crore as on September 30, 2015 against Rs 5,461 crore at the end of the June quarter of 2015-16 financial year.

"Net debt effectively reduced by Rs 328 crore in the last quarter, taking into account adverse hit of Rs 20 crore due to foreign exchange fluctuation," IBREL said in the presentation.

On debt outlook, IBREL said: "Further net debt reduction of Rs 350 crore planned and expected in second half of current FY and another Rs 1,500 crore reduction in the next FY".

It is targeting a net debt of Rs 4,800 crore as of March, 2016 and Rs 3,300 crore as of March, 2017.